Betbull Holding SE
betbull Holding SE

Betbull Holding SE / Miscellaneous

31.08.2009 

Dissemination of a Corporate News, transmitted by
DGAP - a company of EquityStory AG.
The issuer / publisher is solely responsible for the content of this announcement.

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betbull Holding SE, formerly betbull plc,  ('Betbull') announces the
release of the unaudited group consolidated financial statements for the
half year ended 30 June 2009

1. Financial highlights for the period

  - Betting stakes of EUR 44.3m for the half year down 13% compared to EUR
    50.9m in HYI 2008.

  - Net gaming revenue of EUR 6.0m for the half year down 28.6% compared to
    EUR 8.4m in HYI 2008.

  - EBITDA (including the joint venture in Madrid) of  EUR (1.3)m for the
    half year down EUR (2.1)m compared to EUR 0.8m in HYI 2008.

  - Cash position as at 30 June 2009 (including the joint venture in
    Madrid) of EUR 5.7m compared to EUR 8.2m as at 31 December 2008.

  - EBITDA excluding the joint venture in Madrid of EUR (0.4)m for the half
    year and cash position as at 30 June 2009 also excluding the joint
    venture in Madrid of EUR 5.5m.


2. Business highlights for the half year

Germany:

Betting turnover for the first 6 months of 2009 is down 13% to 

EUR 44.3m compared with the same period 2008, which included the
exceptional turnover associated with a major soccer tournament (Euro 2008).
Net gaming revenue for the first 6 months suffered due to industry wide
favourable results for the customer particularly in Q2, with an overall
drop of 28.6% to EUR 6.0m. Growth of the business in Germany has been
restricted during the 6 month period due to the difficult and uncertain
legislative position.

Spain

The JV with bwin in Madrid has started the process of opening own shops,
two were acquired in Q2 and started trading in Q3 of this year. By the end
Q3 BBE expects to have seven units operating, thereof five own shops and
two agency shops.

Commenting on today's release Simon Bold, Director of betbull Holding SE,
said:  'Q2 2009 is recognised as being one of the worst trading periods for
the sports betting industry, with results consistently favouring the
customer.  betbull has not been alone in experiencing very poor margins in
Q2 which have significantly contributed to a drop of 13% year on year to
EUR 6.0m NGR in the first 6 months of 2009.  In addition to poor margins in
Q2, the German units have experienced a downturn in turnover for the first
6 months of 2009 compared with the same period last year, which is due in
part to the effect of Euro 2008. Turnover has further been hampered by
legislative restrictions imposed in certain regions, which has affected
some of the group's key locations.

In Spain, the betbull and bwin joint venture (BBE) is rolling out the first
retail units and expects to have seven units trading by end Q3. The
strategy of predominately own shops as opposed to that of agency units
adopted by other players, separates BBE from its competitors and provides
the opportunity to benefit from a strong gaming machine market in Madrid. 
We expect to see further autonomous communities within Spain legislate and
licence retail betting during the next 12 months and believe Spain will
prove to be one of the strongest retail markets in Europe.

We hope to report some meaningful figures from BBE in 2010 as trading
starts to ramp up.

 

Betbull Holding SE

Consolidated Profit and Loss account


For the half year ended 30 June 2009
                                                         2009        2008
                                                    (6 months)  (6 months)
                                                          EUR         EUR
Betting stakes                                      44,270,849  50,927,656
Customer winnings                                   (37,099,2   (40,883,8
                                                          88)         12)
Gross hold                                          7,171,561   10,043,844
Other gaming income                                   625,306     504,069
Commissions to third party agents and bonuses       (1,771,78   (2,159,33
                                                           2)          1)
Net gaming revenue                                  6,025,085   8,388,582
Other operating income                                164,057     262,330
Total income                                        6,189,142   8,650,912
Direct costs and betting taxes                      (1,228,38   (1,474,13
                                                           5)          4)
Gross profit                                        4,960,757   7,176,778
Personnel costs                                     (3,311,69   (3,019,98
                                                           8)          3)
Cost of premises                                    (1,508,78   (1,968,30
                                                           5)          6)
Mobility and distribution costs                     (345,906)   (480,008)
Other operating costs                               (1,052,74   (766,080)
                                                           1)
Valuation adjustments                                 (1,520)       7,328
EBITDA and before share benefit charge              (1,259,89     949,729
                                                           3)
Share benefit charge                                 (58,898)    (97,630)
EBITDA                                              (1,318,79     852,099
                                                           1)
Depreciation & amortisation of investments          (497,133)   (433,051)
EBIT                                                (1,815,92     419,048
                                                           4)
Financial result                                    (122,169)      47,666
(Loss)/Profit before tax                            (1,938,09     466,714
                                                           3)
Taxation                                             (51,668)   (438,053)
(Loss)/Profit after tax                             (1,989,76      28,661
                                                           1)
Attributable to Equity holders of the parent-
Minority interest
                                                    (1,469,76     300,698
                                                           8)
                                                    (519,993)   (272,037)
                                                    (1,989,76      28,661
                                                           1)




Betbull Holding SE

Consolidated balance sheet

As at 30 June 2009


                                                      2009           2008
                                                       EUR            EUR
Goodwill, intangible assets and investments     17,723,493     18,908,195
Fixed assets                                     1,939,037      2,133,554
Non-current assets                                 281,704        195,878
Current assets                                   4,228,707      4,551,128
Cash and cash equivalents                        5,741,524      9,524,887
Total assets                                    29,914,465     35,313,642
Equity                                          29,496,781     34,356,519
Losses                                        (11,348,753)   (11,406,073)
Reserves                                         5,368,232      5,498,605
Current liabilities                              3,541,785      5,913,756
Minority interest                              (1,478,210)      (299,165)
Long tern liabilities
Shareholder's convertible loan                   2,240,000      1,250,000
Loan to Betbull Bwin Espana SA                   2,094,630              -
Total equity and liabilities                    29,914,465     35,313,642




 

- ENDS -  

Contact

David De Marco, Group Finance Director

d.demarco@betbull.com 
Phone +356 21494443 
Fax +356 21480132 
 
betbull Holding SE

15 Fetter Lane, 
London EC4A 1JP 
United Kingdom

Betbull Holding SE (formerly betbull plc) is registered in England & Wales
under the Registration Number SE12 (formerly 05044730).

This communication can be downloaded from the website www.betbullse.com.

About betbull:

betbull is an established provider of gaming centred retail entertainment,
based in London.  betbull offers its customers principally horse and sports
betting at licensed betting shops, complemented by slot machines, internet
betting and sports bars.  betbull accepts bets based on licences in England
and Wales, Malta and Germany, and is also licensed in Madrid, Spain.  In
Germany, betbull products are available above all under the 'Wettenleip'
brand.  In Madrid, Spain, the launch of the retail brand 'w1nners' is to be
piloted following the granting of a licence for a joint venture with bwin
Interactive Entertainment AG.  betbull itself has been quoted on the Third
Market of the Vienna Stock Exchange since October 2004 (ISIN AT0000615331)
and was established as a joint venture between Fun Technologies Plc and
bwin Interactive Entertainment AG.  For detailed information on betbull,
visit www.betbullse.com.


31.08.2009  Financial News transmitted by DGAP

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Language:     English
Company:      Betbull Holding SE
              15 Fetter Lane
              EC4A 1JP London
              Großbritannien
Phone:        +356 21480131
Fax:          +356 21480132
E-mail:       info@betbull.com
Internet:     www.betbullplc.com
ISIN:         AT0000615331
WKN:          A0DKM0
Listed:       Freiverkehr in Berlin, Stuttgart; Open Market in Frankfurt;
              Foreign Exchange(s) Wien
 
End of News                                     DGAP News-Service
 
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